www.totaldebtrelief.net uses a pitcher and a glass of water demonstrate the effects of minimum credit card payments. This video uses a simple analogy to describe how the average American is throwing away their money to the credit card companies. Visit totaldebtrelief.net for more information on credit card debt relief.
Debt Amount Settlement
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15-Mar-2010
Overall, nice presentation, but why was the debt dropping $1 per month at first, then slows to $5 per year? That skews the numbers higher, but the debt is still catastrophic.
Good Illustration. I don’t think debtors dispute this knowledge, rather they fall victim to the psychological trap of deferred pain. Paying $20 for something at a later time seems less painful than paying $10 for it today. The problem is compounded when they don’t have the $10 in the first place.